U.S. House Passes Senate Regulatory Relief Package
On Tuesday, May 22, 2018, the United States House of Representatives passed the Senate-approved regulatory relief bill (S.2155) without amending same. The measure now heads to the executive branch for signing, which is expected. Although measures to amend the Senate’s bill were likely to pass in the House, the fate of an amended regulatory relief bill in the Senate was uncertain.
To recap, S. 2155 included a number of provisions which affect mortgage lending: transitional licensing for individual loan originators, modified HMDA reporting requirements for certain institutions, restrictions applicable to some loans guaranteed by the Department of Veterans Affairs, creation of an additional “Qualified Mortgage” loan category for loans held in portfolio, among others. Those provisions were covered with more detail in a previously published article available here: https://blogs.claconnect.com/residentialmortgage/united-states-senate-passes-economic-growth-regulatory-relief-and-consumer-protection-act/?_ga=2.147758647.1272949589.1527031607-1877403295.1462840429
Outside of the mortgage context, the bill contains a number of significant changes including increasing the asset-size threshold for “systemically important financial institutions” from 50 billion to 250 billion dollars. The bill also includes adjustments to capital requirements for “qualifying community banks” (depository institutions or holding depository institution holding companies which meet certain requirements and have consolidated assets below 10 billion dollars.
The complete text of the bill is available here: https://www.congress.gov/bill/115th-congress/senate-bill/2155/text#toc-H49CFD975DE834A3B89DCDCAF54D7CA06
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